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Home>UPDATE: This is why millennials can't have nice things (or save any money)

UPDATE: This is why millennials can't have nice things (or save any money)

UPDATE: This is why millennials can't have nice things (or save any money)

10/04/2017

By Quentin Fottrell, MarketWatch

Young Americans spend $2,300 per year more on a wide range of items

Minor indulgences can cause major financial problems -- even if you are spending money on other people's happy events (Another%20reason%20millennials%20can%e2%80%99t%20afford%20homes?Other people's weddings). Younger Americans appear to be the most profligate.

-- Millennials spend more than an average of $2,300 per year than older generations on five key items: groceries, gas, restaurants, coffee and cell phone bills

-- Millennials spend $233 per month on meals versus $182 for older generations, and $161 on cell phone charges versus $135 for older Americans

-- But millennials spend just $80 per month, compared to $114 for those aged 37 and up, on TV services like cable, satellite and steaming/subscription

That's according to a recent study released (http://www.bankrate.com/credit-cards/spending-index-0717/) by personal-finance site Bankrate.com. "Millennials are falling victim to common financial vices, such as spending money in coffee shops," the site concluded (http://www.bankrate.com/cashlorette/millennials-financial-vices/). The average millennial dines at a restaurant or buys take-out food five times per week and nearly 30% say they buy coffee at least three times per week. "Often, it's the minor, habitual expenses, such as take-out and alcohol, that wreak havoc on your budget," the report said.

Why should more millennials be saving their money?

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